100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Essay Introduction to business $9.70
Add to cart

Essay

Essay Introduction to business

 0 view  0 purchase
  • Course
  • Institution

Assignment Brief Produce an assignment which has three tasks Explaining what stakeholders are and how they affect business operations. Explaining the 3 sectors of the economy and how they are linked. Identifying external factors that can affect a business environment and how a busines...

[Show more]

Preview 1 out of 4  pages

  • June 16, 2023
  • 4
  • 2020/2021
  • Essay
  • Unknown
  • A+
avatar-seller
Stakeholders and Business Activity


Task 1
A stakeholder is any person, group of people or company who has interest in a business.
The decisions a business makes can be influenced by their stakeholders, therefore it is
important for a business to understand and know who their stakeholders are.

There are two different types of stakeholders these are internal and external. Internal
stakeholders are any person who is directly involved within the business such as managers,
employees and shareholders. External stakeholders such as customers, the government
and suppliers are those who have interest in the company but are from outside the business.

There are many ways stakeholders can influence business operations, some affecting the
business more than others. Stakeholders can affect businesses both positively and
negatively and can potentially want different things from the business which can cause
conflict.

Internal stakeholders such as employees, could affect the business by not turning up to a
shift, or not working to the best of their abilities, which in turn could affect a business’s
customer service causing a knock on effect potentially giving the business a bad name. On
the flip side managers, who are another example of internal stakeholders, can directly affect
the business by helping to develop other members of staff, by doing this it can positively help
other team members progress professionally and be able to improve their skills-set, which in
turn would help the overall business improve with better quality staff.

Suppliers who are an external stakeholder could increase their prices for the goods a
business usually needs from them. If this happens a business might not be able to afford to
buy from them anymore, which could result in loss of product. To combat this a business
usually would have to either look for an alternative, which might mean reducing quality or
discuss options with their current supplier to try and maintain good working relationships.
Another external stakeholder would be customers, customers can affect the business in a
positive way by leaving reviews, reviews are an excellent way for a business to find out what
they can do to improve and also what things they are doing right.

To summarize there are many different types of stakeholders and they can all affect
businesses in different ways, therefore a business needs to be aware of who they are and
how the stakeholders can influence them.


Task 2
The three sectors of the economy include primary, secondary and tertiary, all of which are
important to the business world and can be linked with each other.

The primary sector is any business that involves the obtaining or extraction of raw materials.
This could mean mining for coal, farming livestock for meat or even obtaining wool from
sheep shearing.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller aimeehudson. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.70. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

52510 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.70
  • (0)
Add to cart
Added